The Emerging Threat to Oil Prices

By

Liam Denning

Updated Sept. 26, 2012 12:15 p.m. ET

It used to be said that when the U.S. sneezes, the world catches a cold. Decoupling supposedly changed all that and, for oil at least, it has: Despite America's economic malaise, oil prices have rebounded since 2009 on demand from China and elsewhere.

But what comes next—call it recoupling—presents a big risk of its own.

The days when drivers in America and other advanced economies set the pace for oil-demand growth are gone....